The first quarter
· Revenue was
· EBITDA was
· Operating profit was
· Earnings per share were
Comments by the CEO
SSAB's operating profit for the first quarter of 2020 was
SSAB Special Steels' shipments were 305 (338) thousand tonnes. Operating profit was
For SSAB Europe, shipments were 955 (907) thousand tonnes and operating profit decreased to
SSAB Americas' operating profit for the first quarter decreased to
Currently, our top priority is to minimize the effects and the risks of Covid-19. Several measures have been taken to safeguard the health and safety of our personnel while maintaining SSAB's operations. Furthermore, measures have been put in place to decrease the negative effects of lower shipments and higher underabsorption because of lower industrial activity among our customers.
We are adjusting production and costs to demand, rolling mill production in SSAB Europe is reduced by at least 25%, and one of the blast furnaces in Raahe was idled in mid-April. All three steel divisions have brought forward annual planned maintenance outages to the summer. Short-time work allowances and layoffs have been introduced, external services have been sharply reduced, projects have been pushed back and all other costs are being reviewed. These measures will deliver annualized savings totaling more than
SSAB has a strong balance sheet, as well as liquid assets and committed credit lines of approximately
Invitation to SSAB's first quarter 2020 results briefing
SSAB invites you to a presentation of the quarterly report today at
Time of briefing:
Teleconference numbers:
Sweden: 0850692180
United Kingdom: +44 (0) 2071 928000
United States: 16315107495
Conference ID: 5943147
Link to webcast: Go to webcast (https://edge.media-server.com/mmc/p/i4qhtmhs)
For further information, please contact:
Investor Relations: Per Hillström, Head of IR,
per.hillstrom@ssab.com, +46 70 2952 912
Media:
viktoria.karsberg@ssab.com, +46 8 4545 734
This information is inside information that
SSAB is a Nordic and US-based steel company. SSAB offers value added products and services developed in close cooperation with its customers to create a stronger, lighter and more sustainable world. SSAB has employees in over 50 countries. SSAB has production facilities in
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https://news.cision.com/ssab/r/report-for-the-first-quarter-2020--recovery--but-outlook-uncertain,c3097259
https://mb.cision.com/Main/980/3097259/1236387.pdf
https://mb.cision.com/Public/980/3097259/98184339be3cc247.pdf
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